(IJCH) GoChain - Faster than a MAGLEV Cruiser! (or How GoChain Leaves Ethereum at a Standstill)
(IJCH) GoChain - Faster than a MAGLEV Cruiser! (or How GoChain Leaves Ethereum at a Standstill)
IJCH - Inside JaiChai's Head (meaning: My warped, personal opinions and musings)
From the Author:
Salutations.
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning online friends, "It's always great to see you again!"
GoChain - Faster than a MAGLEV Cruiser! (or How GoChain Leaves Ethereum at a Standstill)
GoChain is a NextGen smart contract platform.
It was created with an improved Ethereum codebase that addresses Ethereum's shortcomings in the areas of decentralization, scalability (speed/volume), security, and energy consumption.
Easy DApp Migration From Ethereum to Gochain
Current Ethereum DApps and developers will have an easy migration to GoChain.
This is because:
"...anyone currently using Ethereum will be able to seamlessly transfer to our [GoChain's] network without making any code changes..."
GoChain - 10x More Decentralization
Background: Decentralization Unfulfilled
The promise of decentralization that was heralded by Bitcoin, Ethereum, and the rest of the PoW altcoins in the cryptocurrency space has been squelched by the mining monopolies.
In fact, because of the cheap electricity in China, 75-85% of all crypto mining is done by Four Chinese Mega-Mining Entities.
Moving Forward By Taking A Step Back
Although pure decentralization is not feasible with PoW cryptos, GoChain has made a big leap forward in terms of decentralization by actually taking a step back.
Sound weird?
Ok. Let me explain.
Instead of PoW, GoChain uses a consensus mechanism that is a level above PoA (Proof of Authority - essentially a set of approved individuals that validate the network) called PoR (Proof of Reputation).
Stated differently, GoChain paradoxically achieves more decentralization using 50 validators vs. four Big Mining Players by taking a step towards a "pseudo-permissioned" environment (AKA: a degree of more centralization compared to "non-permissioned" networks that, because of their PoW consensus mechanisms, enable mining monopolies).
If you're still a little confused, imagine this:
Instead of being at the mercy of Mega-Mining corporations or risking malicious behavior from an unlimited number of non-permissioned, speed-sucking, and potentially bad actors, GoChain uses 50 publicly identified, approved companies to function as validators of the GoChain network.
Needless to say, this effectively changes the Byzantine Environmental Dynamics quite a bit; decidedly favoring more honest, rational players while simultaneously disincentivising rogue, malicious behavior.
Think of it this way:
It's All About Reputation
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
- Warren Buffet
Whole companies want to reap the benefits of validator rewards.
And fortunately for GoChain, whole company validators have much more at stake (translated: much more to lose) than an individual should they attempt to misbehave.
For example, firms must deal with protecting their hard fought reputations, upholding high standards of private stakeholder/public stockholder stewardship, sustaining company profitability, building a solid community/philanthropic profile, fostering strong global business relationships, navigating a myriad of compliance regulations, etc.
Consequently, compared to an individual validator, the chance of malicious behavior by a whole company - much less collusion towards a 51% attack - is drastically reduced.
Some game theorists may even argue that it's almost statistically insignificant.
GoChain - 100x Increase in TPS Speed
Because of PoR, instead of the Ethereum standard of 13 tps, GoChain can achieve 1300+ tps.
Their TestNet has already verified this claim and recorded tps speeds in excess of 1300 transactions per second with bursts up to 2400 transactions per second - all the while remaining robust and stable!
As a bonus, GoChain's compatibility with Layer 2, offchain solutions like Raiden and Plasma promises to yield even faster tps capability.
GoChain - 1000x Improvement in Energy Consumption/Conservation
As of today, 3.5 million US households could be powered with the energy used to run the Bitcoin network, while Ethereum uses the equivalent power of 1 million households.
This is unacceptable and unsustainable.
Using PoR on a trusted network with approved nodes makes energy wasting mining unnecessary.
No mining means no expenditure of electricity for computational problem solving (the Bitcoin "Everyone Mine, But Winner-Take-All" PoW consensus mechanism).
Validation via authorized nodes needs only a fraction of the energy of traditional mining.
Ethereum’s energy consumption is ~14 TWh and rising annually; while GoChain's 50-node cluster (using a 450W power source/each) will use only ~197.1 MWh.
In other words, GoChain's energy consumption equals 0.001% of Ethereum's!
Token Sale Info
More GoChain technical details, description of the Strong GoChain Team, and GoChain Community projects and resources can be found on their website: https://gochain.io/
Get their White Paper here: https://gochain.io/gochain-whitepaper-v2.1.2.pdf
Parting Shot
"While other platforms with the same objectives are still months (maybe years) away from producing a working model, GoChain has already had a successful TestNet trial and appears to be light years ahead of the rest..." - Jaichai
By JaiChai
This is an entry for @originalworks' 180 STEEM + 40 Bonuses ~ Sponsored Writing Contest: GoChain.
To submit your own entry, visit:
https://steemit.com/crypto/@originalworks/180-steem-40-bonuses-sponsored-writing-contest-gochain
Thanks for stopping by.
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.
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